Asset Acquisitions and Disposals::New Subsidiaries

Issuer & Securities

Issuer/ Manager
GOLDEN AGRI-RESOURCES LTD
Securities
GOLDEN AGRI-RESOURCES LTD - MU0117U00026 - E5H
Stapled Security
No

Announcement Details

Announcement Title
Asset Acquisitions and Disposals
Date &Time of Broadcast
27-Feb-2015 18:19:35
Status
New
Announcement Sub Title
New Subsidiaries
Announcement Reference
SG150227OTHRQPM1
Submitted By (Co./ Ind. Name)
Kimberley Lye Chor Mei
Designation
Director, Corporate Secretarial
Description (Please provide a detailed description of the event in the box below)
The Board of Directors of Golden Agri-Resources Ltd (the "Company" and together with its subsidiaries, the "Group") wishes to announce the acquisition by the Group of 100% of the share capital of Victory Tropical Oil B.V. ("VTO BV"), a company incorporated in the Netherlands for a consideration of EUR 460,000 (equivalent to USD559,360) (the "VTO Consideration") which was fully settled in cash from internal resources (the "VTO Acquisition").

The VTO Consideration was determined based on a willing buyer willing seller basis, and took into account VTO BV's book value of EUR 450,001.

The principal activities of VTO BV are that of investment holding and finance.

Following the VTO Acquisition, VTO BV and its subsidiary, Victory Tropical Oil USA, Inc., became subsidiaries of the Company.


By Order of the Board
GOLDEN AGRI-RESOURCES LTD


Rafael Buhay Concepcion, Jr.
Director
27 February 2015

Note: The amount in USD equivalent using the exchange rate as at 31 December 2014 of EUR 1 = USD1.216.